BMC presents surplus budget of Rs 21,096.56 crore, no tax hike

Mumbai, Feb 4 (PTI) Brihanmumbai Municipal Corporation(BMC) Commissioner Subodh Kumar today presented a surplusbudget of Rs 21,096.56 crore, without proposing any hike inthe taxes, or introduction of new taxes for 2011-2012.

As per the budget estimates presented to the BMC StandingCommittee, the Income Receipts are Rs 21,096.56 crore againstthe estimated expenditure of Rs 21,050.19 crore.

The excess of income over expenditure is Rs 46.37 crore.

Reiterating that there will be no hike in the rates ofpresent taxes nor will there be any new tax, Kumar said hewas expecting revenue of Rs 11,501.88 crore, largely fromOctroi.

In 2010-11, octroi collection was Rs 4,945 crore whilethe 2011-12 estimate is Rs 5700 crore.

The property tax collection, which was Rs 1540 crore in2010-11, is estimated to touch Rs 2000 crore in next fiscal.

Kumar also said that there was no need to raiseinternal loan of Rs 3000 crore this year as envisaged in lastyear''s budget estimates. The state government had agreed tolend Rs 3000 crore to the civic body to fund major projectslike BRIMSTOWAD, storm water drainage, dumping ground andothers.

The commissioner said against the backdrop of criticalfinancial position of the civic body, it had decided to focuson completion of the ongoing projects.

The Budget focuses on improving the roads and the watersupply situation in the megapolis. MORE MR KKP KRK